Defined Contribution Plan Option. The defined contribution plan option is for all employees hired on or after July 1, 2000 and those employees hired before that date that elected to participate in that option on or before December 31, 2001. The defined contribution plan option provides the following benefits: 1) The City will contribute to each participant’s account an amount equal to eight percent (8%) of the participant’s compensation.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement
Defined Contribution Plan Option. The defined contribution plan option is for all employees hired on or after July 1, 2000 2000, and those employees hired before that date that who elected to participate in that option on or before December 31, 2001the defined contribution plan option. The defined contribution plan option provides the following benefits:
1i) The City will contribute to each participant’s account an amount equal to eight twelve percent (812 %) of the participant’s compensation.
ii) Participants are required to contribute eight percent (8%) of their compensation (pre- tax) to their account.
iii) Participants are always one hundred percent (100%) vested in their contributions and shall be vested in the City contributions in accordance with the following schedule:
Appears in 1 contract
Sources: Labor Agreement